Housing solutions to come for low-income NHT contibutors

Prime Minister Andrew Holness has announced housing initiatives for low income contributors to the National Housing Trust (NHT).
  
During his contribution to the Budget Debate on Tuesday, the prime minister unveiled a Housing Micro-Finance Initiative, which will begin on April 1.
  
Unsecured credit will be provided to low income contributors for home repairs or improvements as well as to build houses.
  
The NHT will provide funds to other institutions for loans to current and new contributors to meet specific needs, such as titling, infrastructure upgrading, utilities installation, construction preliminaries, valuation reports, housing design, and for completion of different stages of building. 
  
"A maximum of $850,000 per borrower will be provided with a loan tenure of between six months to five years. While this facility is intended for contributors, non-contributors may also apply, however, they must become contributors before disbursements are made," Mr. Holness announced.  

The loans, which will be offered at a lower interest rate, can be accessed through micro-finance institutions.

Mortgage financing

Also, effective July 1, there will be additional mortgage financing for NHT contributors "to ensure that any individual, contributing for seven years or more who meets the NHT eligibility requirement, is able to access funding to allow him or her to purchase, at minimum, a studio unit."

A special incentive will also be provided to eligible contributors who wish to purchase scheme units.
  
The NHT will offer 100 per cent financing for all the housing solutions it builds.

Other increases
  
The prime minister announced other increases, such as an in the NHT's Home Improvement Loan which is currently at $1.5 million per contributor.

Effective July 1, 2017, he said, there will be a "significant increase" where
eligible contributors will be able to access up to $2.5 million individually or $5 million jointly. 

In addition, on July 1, loans to purchase land or house lot loans will be increased to $2.5 million from the previous limit of $2 million.
  
A grant will also be provided to NHT mortgagors with disabilities or who reside with and care for a family member with disabilities. The grant is to be used to retrofit or upgrade houses to make it more accessible.